APAC LED Lighting Market Set for Rapid Growth Forecast 2019-2024

Research Methodology & Scope of Work
APAC LED Lighting Market
Mar 19th, 2020
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Increasing government initiatives aimed at promoting energy-efficient lighting systems, growing
number of smart city projects, and longevity of LED lights are driving the growth of the sector. Due
to various benefits of LED lights, such as low energy requirement, electricity expenditure reduction
capabilities, and better build, their demand from businesses has increased.
The Asia-Pacific LED lighting market was valued at $27.5 billion in 2018 and is predicted to
witness a CAGR of 13.0% in the forecast period (2019–2024).
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In 2018, among China, India, Japan, South Korea, Australia, and rest of APAC, China held the
largest revenue share in the market, owing to its growing number of urban lighting projects for
buildings, roads and railways, rising government spending on bettering the lighting system in
shopping malls, offices, and hospitals, and surging demand for energy-efficient and eco-friendly
lighting products.
With the help of energy-efficient lighting, the greenhouse gas emission and thermal pollution can be
minimized. Government initiatives toward checking carbon emissions are playing an important part
in supporting the growth of the APAC LED lighting market. In 2015, the Government of India
launched the Street Light National Programme (SLNP) to encourage energy efficiency. SLNP is
aimed at replacing 35 million conventional lights with LED lights.
With the help of energy-efficient lighting, the greenhouse gas emission and thermal pollution can be
minimized. Government initiatives toward checking carbon emissions are playing an important part
in supporting the growth of the APAC LED lighting market. In 2015, the Government of India
launched the Street Light National Programme (SLNP) to encourage energy efficiency. SLNP is
aimed at replacing 35 million conventional lights with LED lights.
Hence, with the growing initiatives of governments toward energy-efficient lighting, building new
residential houses and commercial buildings, and development of smart cities with all modern
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facilities, the demand for LED lighting is escalating, thereby resulting in significant growth of
the APAC LED lighting market.
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